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  "docSlug": "ff0e33f691c6",
  "documentTitle": "AECOM (ACM)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-20 00:00:00",
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  "pageNumber": 9,
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  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Includes a waterfall-style bridge and a bar chart comparison.",
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      "kind": "chart",
      "text": "Comparison of implied multiples vs peer average",
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      "kind": "chart",
      "text": "Bridge from AECOM TEV to AECOM DCS + MS TEV",
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      "kind": "paragraph",
      "text": "a close re-evaluation of the Company’s geographic footprint are needed. In an environment where peers have been expanding margins and are projected to continue to do so, we believe the advertised $225 million improvement in profitability across DCS and MS should be the starting point for the Company, and ultimately we believe the opportunity is likely to be much greater.",
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      "text": "As shown below, assuming CS is separated for after-tax proceeds of $1.0 billion or 6x EBITDA – a valuation in line with peer multiples – and the Company is conservatively able to achieve $225 million in profitability improvements across DCS and MS, current market prices would imply the pro forma DCS and MS businesses are valued at 7.5x EBITDA, an approximately 5.3x discount to their peer set.",
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      "kind": "source-note",
      "text": "Source: Wall Street consensus estimates, Company filings, Starboard estimates.",
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      "kind": "title",
      "text": "Implied Valuation Multiple for AECOM DCS + MS",
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